London Borough of Havering has appointed Wates Construction as its partner on an £800m property development joint venture. The two parties will each take a 50% stake in the new vehicle, which is initially aiming to build 3,000 homes on 12 sites across the borough. A tender award notice by the borough said that sites could also include some mixed use development including offices, commercial, leisure, retail, community and public space. The JV will be established for 15 years with extension periods of five years and up to a maximum of 30 years. Last week, Hertfordshire County Council announced it had signed a deal to create a 50/50 development joint venture with construction firm Morgan Sindall.
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